AMAK terminates exploration LoI with Power Metal

Logo of Almasane Alkobra Mining Company (AMAK)

Almasane Alkobra Mining Company (AMAK) terminated on June 11 the letter of intent (LoI) signed with Power Metal Resources Plc for exploration, development, and extraction of nickel ore and other metals at the Qatan site, as the parties failed to reach a final agreement.
 
In a statement to Tadawul, AMAK affirmed its continued readiness to explore future partnership opportunities that would support growth and strategic plans.
 
 

In September 2024, AMAK signed a LoI with Power Metal seeking a joint venture (JV) agreement to explore, develop, and extract nickel ore and related minerals under AMAK Qatan Exploration License in southwest Saudi Arabia, Argaam reported.

 

The LoI was first extended until March 9, 2025, and again for an additional three months until June 9, 2025.

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